Royal India Corporation Limited has approved the acquisition of 100% equity shares of Suryam India Minecorp Private Limited (SIMPL) for a cash consideration of 1.50 Cr.

This makes SIMPL a wholly-owned subsidiary.

SIMPL, incorporated recently, is in the mining industry and holds a 51% stake in Exclusive Quarries Private Limited, a stone mining entity.

This strategic move aims to diversify RICL's business into the mining segment, marking a significant step into a new sector for the company.

The acquisition is expected to be completed within three months.